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Is there anyone who can do or knows of a lender who can do such loan?
Borrower will let lender hold the deed. Needs a quick $2MM for renovations.
1st Lien: $24MM
Value: $28.55MM
Loan Amount: $2MM 2nd position
Location: East Point, GA
Who can do this loan using BPO only? The issue is, of course, doing a loan at such high LTV, in the 2nd.
Couldn't refi the 1st. It's so high!
I can get it done. christian@fidelitybusiness.orgQuote:
Originally Posted by Fundyman
MAYBE Lift Forward?Quote:
Originally Posted by Fundyman
Might be on to something here... I'll keep them there as a backup.Quote:
Originally Posted by rdgllc
Lift is great but their max loan amount is $2m. They go by annual business revenue up to 10% and equity up to 100%cltv. To hit your max of 2m loan amount merchant would have to be doing north of $20,000,000 a year which is definitely possible but its more then just equity with them. Granted if the file fits their box they have awesome programs for it, Sean is my guy there, he is as top shelf as they come.
Thanks. They only do about $5MM/year, which means they would barely see something like $500,000 tops. It's a good reminder that saves me time.Quote:
Originally Posted by Sachip24